"Domestically, companies are sitting on huge cash pile, low inflation is paving way for RBI to cut rates, gross domestic product seems to be bottoming out, enough reasons to say that peak 22,000 could be reality in medium-term," he said.

'Sensex may cross 22K in medium-term'

The BSE benchmark Sensex is 1,940.67 points away from its record high of 21,206.77 set in January 10, 2008.

The Sensex on Tuesday climbed 265.21 points to close at 19,143.17, recording its biggest single day gain since November 29, 2012, when it had soared by nearly 329 points.

Markets can rally further on rate cut expectations from RBI in forthcoming credit policy this month, an expert said.

According to Ashika Stock Brokers, Research Head, Paras Bothra: "Before surging to record high levels, markets may see consolidation and some major positive trigger is needed to push the market to such higher levels. These are the pre-requisite for crossing the all-time high level.

'Sensex may cross 22K in medium-term'

"When it will happen is only a matter of time as one cannot time the market. If the US markets are heading higher, Indian markets could also do that as foreign investors appetite for Indian equities remains quite high," Bothra said.